Official Information Request - 20 August 2018

Sent: Friday, 24 August 2018 9:48 a.m.

Subject: TRIM: LGOIMA request - auditor / borrowing costs

I refer to your email of 20 August 2018 and respond below as per your email:

1. The name of the Council's Auditor for each of the 2016/17 and 2017/18 financial years. Does Audit New Zealand audit the council's financial statements, or is a third party contracted to audit them on behalf of Audit New Zealand or by the Auditor-General?2016/17 - Audit NZ2017/18 - Audit NZ
2. Has the Office of the Auditor-General appointed an Auditor yet for the Council's 2018/19 financial year? If so, please advise the name of the appointed Auditor.Audit NZ
3. The Council's 'Borrowing Costs' Accounting Policy adopted for each of the 2016/17 and 2017/18 financial years. The accounting Policy treatment for 'Borrowing Costs' is determined under the Financial Reporting Act by the IPSAS 5 Borrowing Costs Accounting Please refer to Council's 2017 Annual Report and the 2018-2028 Long Term Plan for our accounting policies.https://www.rotorualakescouncil.nz/our-council/council-publications/Annualreports/Pages/Annual%20Reports.aspxhttps://www.rotorualakescouncil.nz/our-council/council-publications/10YearPlans/Pages/default.aspx
4. The Council's materiality threshold for determining if an asset is a "qualifying asset" as defined under the IPSAS 5 Standard? Rotorua Lakes Council does not capitalise borrowing costs.
5. Whether there are different criteria and materiality thresholds for different asset classes. If so, please disclose the different criteria for each class of asset. Please also give a recent example of a "qualifying asset", if the Council has determined an asset meets the threshold.N/A

As per the Act, we are obliged to advise that you may contact the Ombudsman at the address below if you have any concerns with the response provided by Council, by writing to:

The Office of the Ombudsman

PO Box 10 152

WELLINGTON 6143

Alternatively, you may email info@ombudsman.parliament.nz or use the online complaints form available at www.ombudsman.parliament.nz/make-a-complaint.

Regards